Ferrari CEO Benedetto Vigna stated that the premium sports car maker is interested in entering the blockchain, Metaverse, and non-fungible token (NFT) industries in the future. The CEO also mentioned that the company would continue to invest in its bitcoin efforts in the near future.
During the company’s quarterly results call, Vigna informed the audience that Ferrari is looking for ways to adapt to the fast-paced technological advances. Ferrari recently signed a contract with Swiss blockchain company Velas Network, paving the way for the creation of exclusive digital content and a metaverse brand for Scuderia fans.
In exchange, Velas will manage the majority of Ferrari’s official e-sport teams and serve as a sponsor for official tournaments.
Ferrari reveals the Metaverse
Ferrari confirms its foray into the Metaverse with this announcement. The relationship with Amazon Web Services (AWS) in Wales to manage digital technologies and Web 3.0 is at the forefront of this development.
“For sure, the digital technologies, the web 3.0 technologies that they’re employing, the Blockchain, and the NFT is an area that is fascinating for us, and it deserves some attention,” Vigna told Binance.
Ferrari chose to establish a new section focused on digital technology within its retail business in order to scale up the company’s response to the development.
Web 3.0 is a decentralized internet infrastructure powered by blockchain despite the lack of a standard definition. Unlike the 1.0 and 2.0 versions, which are fully free of ownership, Web 3.0 market shares can be purchased in the form of digital tokens.
This type of platform might be held by “random people” and would not be subject to government regulation. It would also undermine the authority of huge Silicon Valley corporations like Meta and YouTube, which rely on corporate sponsorship.
Field with a High Density
Nonetheless, Vigna admitted that Ferrari is up against a plethora of competitors in the cryptocurrency market, many of whom have established substantial footholds.
He also stated that “The Prancing Horse” has a long way to go before it can be considered a pioneer in the highly competitive market.
Meanwhile, purists associate Ferrari with a product range that features commanding engines, and they believe that eliminating them would be sacrilege.
Many Ferrari fans shiver at the prospect of a car lacking a loud and powerful V8 or V12.
Nonetheless, as the future of automobile technology leans to EVs, the iconic Italian company has no alternative. Ferrari wants to attract this new audience, but it is not in a hurry to do it.
The sales of NFTs are increasing on a daily basis, and as digital assets gain popularity, they anticipate that more companies, including “institutions” in the automobile sector, would adopt the blockchain system.